August 31, 2016
The motivation behind Vancouver’s foreign tax is pure political survival
It was not long ago that the real estate community in Metro Vancouver held an unequivocal view of the notion foreign nationals from China were buying up the region in bulk and forcing house prices obscenely skyward in the process: It was unadulterated bunk.
The number of homes bought by people living abroad was an inconsequential fraction of the total, the real-estate association insisted. British Columbians with mean annual family incomes of $60,000, we were expected to believe, were behind the unprecedented feeding frenzy we were witnessing: Average Joes and Janes bidding hundreds of thousands more than asking for teardowns suddenly worth $2-million or more.
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